If your receiver is affected the location will still be correct and navigation should still work. The critical part of the signal interface for this function isn't date sensitive. The time and date would be incorrect of course, so track recording might break.
The real concern is how vulnerable data loggers and time synchronizing functions used everywhere might be affected. Talking about anything sync'd to UTC based on the GPS signal for coordination on the power grid, telecomm, financial system, fleet management, etc. The system may shift 19.7 years at the epoch roll over.
No doubt there'll be glitches but probably mostly a gigantic nonevent. Just depends on firmware bugs and if needed patches were applied.